US Symbol: ECNRF
VANCOUVER, Jan. 31, 2012 /CNW/ - El Condor Minerals Inc. ("El Condor" or
the "Company") in pleased to announce the initiation of its 2012 work
program at its advanced exploration stage copper project at Horden
Horden Lake, Quebec - Metallurgical Sampling and Resource Expansion
The Company is pleased to announce the launch of Phase 1 of its
multi-phase 2012 work program. Phase 1 consists of drilling a minimum
of 3,000 meters to collect metallurgical samples for the planned
engineering and optimization studies and to expand the current resource
at Horden Lake. Similar to the 2008 drill program on which the
Company's NI 43-101 resource report is based, much of the current
drilling is designed to test and confirm additional resource data based
on historic INCO & Noranda holes on the property. Drilling is to
commence in February and, based on early successes, the drill program
may be expanded.
The Company has contracted with Caracle Creek International Consulting
Inc. of Sudbury, Ontario for Project Management of the drill program,
including camp and program logistics, QA/QC of drill core assays and
geophysical and database reviews. Forage Perfection Inc. of
Notre-Dame-du-Nord, Quebec, has been contracted for drilling services.
Both contractors have extensive experience drilling in the northern
Quebec area. Caracle Creek is an international consultancy supporting
the mining industy and more importantly has been responsible for the
two most recent NI 43-101 reports on the Horden Lake Project. Phase 1
of the program is expected to be completed in April.
Once drilling is complete, Phases 2 & 3 of the work program will consist
of metallurgical testing, a revised resource calculation and a
Preliminary Economic Assessment.
On the Horden Lake Copper Project, Leigh Freeman, El Condor CEO
commented: "We are going to work on engineering studies, drilling, and
upgrading the historical resource in the coming months with the goal of
moving Horden Lake from an advanced exploration stage to a near-term
development stage project in 2012."
Advisory Appointment & Incentive Stock Options
The Company is also pleased to report the addition of Ms. Jill Nelson to
its project development team. Ms. Nelson is a mining engineer with 20
years experience in project management, including engineering and
management with the former coal division of Shell Mining, and more
recently project management at the Rocky Mountain Arsenal in Colorado.
Additionally, the Company reports that its Board of Directors has
granted incentive stock options to purchase up to 3,475,000 common
shares of the Company at a price of $0.20 per share for a period of
five years to its directors, officers, consultants and employees.
About El Condor Minerals Inc.
El Condor Minerals Inc. is a minerals exploration company focused on the
discovery and development of large precious- and base-metal mineral
systems in stable political jurisdictions. Currently the Company is
developing the Horden Lake Copper Project, an advanced exploration
stage copper-nickel deposit in Quebec. Additional information on El
Condor, its properties and exploration and development activities is
available at the Company's website: www.elcondorminerals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Leigh W. Freeman"
President & CEO
FORWARD LOOKING STATEMENTS: This press release may contain
forward-looking statements. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Forward-looking statements are based on
the beliefs, estimates and opinions of the Company's management on the
date such statements were made. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE El Condor Minerals Inc.
For further information:
please contact the Company at (604) 689-8336 or firstname.lastname@example.org